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Send money to India
Send Money to India through Bank Drafts

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At a Glance

A foreign currency bank draft is a negotiable instrument used by banks to facilitate payment.

There are many ways for an NRI to send money to India and one of the most common ways is through foreign currency bank drafts. Foreign currency bank drafts need to be drawn in of the beneficiary and can be used to make different kinds of payments.

Features and Benefits

DBS Treasures offers many avenues to remit money to India and one of them is the foreign currency bank draft. A foreign currency bank draft has several benefits:

  • It is a low-cost option though you do have to pay a minimal fixed charge and applicable service tax
  • They cannot be misused because the beneficiary’s details are always mentioned
  • They can be issued in various currencies like USD, GBP, EUR, AUD, SGD, etc.
  • They can be drawn up to any amount per the Foreign Exchange Management Act (FEMA) rules

Process / Time to transfer

Here’s an outline of the process and time for sending money through a foreign currency bank draft:

  • You can download the bank draft request form (payment application form) by clicking here
  • A typical request form will ask you for the following information:
    • Name of the recipient
    • Name of the sender
    • Amount to be transferred
    • The location where the transferred money needs to be paid
    • The mode in which transferred amount needs to be paid. It could either be in cash for though a bank account
    • How the money will be paid to the bank
  • Time taken for the money to be remitted is generally between 7-28 days
  • If a bank draft is lost, one can always request for a duplicate

How to Apply

Apply Now   A Relationship Manager will reach out to you shortly.

Frequently Asked Questions

How safe is it to transfer money to India through foreign currency bank drafts?

Sending money to India through a bank draft is safe because it is issued in the name of the beneficiary. So even if the draft is lost or stolen, it cannot be misused.

Are exchange rates applicable?

Currency conversion charges are applicable to convert the amount to Indian rupees. The current exchange rates will be considered.

How can you issue a bank draft?

You can apply for a foreign currency bank draft online. Alternatively, you can download a bank draft request form (payment application form) and submit it at the DBS Treasures branch.

What kind of payments can one make through a foreign currency bank draft?

A foreign currency bank draft can be used to make payments in other countries. This could be towards university fees or home loan payments. It could also be used for medical expenses and to pay for the cost of migration to other countries, etc.

What happens if the bank draft is lost or misplaced?

If a foreign currency bank draft is lost or misplaced, you can request a duplicate bank draft. a bank draft and issuing a new one will incur a fee.